Legal fees for creating a new residential lease

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  • heathcliff
    started a topic Legal fees for creating a new residential lease

    Legal fees for creating a new residential lease

    Hi, just curious to know if there is such a thing as average legal fees for creating a new residential lease. I've been quoted £1500 + vat which seems quite high? I trust the firm as they have worked for us a number of times but normally as freeholder so the leaseholder pays fees..... Any advice much appreciated! Thanks

  • heathcliff
    replied
    Thx for the reply - the more I think about it the more I think it is too much too - way more than the fee for a straightforward conveyancing transaction anyway!

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  • Lawcruncher
    replied
    I would say it was over the top. All that is needed is to draw up the lease and register it. It is not a full conveyancing transaction where they have to make enquiries, negotiate a contract, correspond with another firm and report to you. The solicitor should have a basic lease on tap which he can adjust according to the circumstances of your case. So, whilst the lease should be tailor-made, it should not that much of a one off.

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  • heathcliff
    replied
    Hi, thx for replying. We own freehold property which is split into a residential flat above a commerical property below. We need to raise a mortgage on the residential part and in order to do this need to issue a new lease. I understand the registration fees etc which are payable to the land registry but was just curious if the £1500 + vat quoted was a fairly standard fee for drawing up a new lease. Thx

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  • Lawcruncher
    replied
    Not quite clear from your post what is involved. May we have a little more detail?

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